Blog Post

Over £1 billion saved by first time buyers

Gill - Head Gillian Bell Mar 3, 2020, 11:15 AM
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  • Nearly half a million (464,700) first-time buyers have benefitted from over £1.1 billion of tax duty relief since the First Time Buyers’ Relief was introduced in November 2017, each saving on average £2,387.
  • Zero tax is charged to first-time buyers on purchases between £125,000 and £300,000, which account for 77% of benefitting purchases. The standard 5% SDLT (stamp duty land tax) is charged between £300,000 and £500,000. All sales under £125,000 are exempt from taxation.
  • 62,800 first-time buyers benefitted from the scheme in the final quarter of 2019, the highest quarterly number since its inception, as first-time buyer numbers hit record levels in 2019.
  • Across Wales all purchasers purchasing a property with a value of less than £180,000 are eligible for Land Transaction Tax Relief. This will undoubtedly include the vast majority of first-time buyers, as the average price of a first-time buyer property across the country is £149,000.
  • The government have recently announced plans for a First Home Scheme, whereby local buyers would benefit from a 30% market price reduction on the price of their first home.
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